Wealth Inequities A Threat To Society

The Council of Trade Unions says a new survey shows worrying inequalities in the wealth of New Zealanders.The Retirement Commission survey shows 20 per cent of New Zealanders account for almost 70 per cent of total net worth, leaving the bulk of the population with a much smaller slice of the pie.

The CTU secretary, Paul Goulter, says the inequity shown by the survey is a risk to social stability.

Mr Goulter says more economic growth, combined with more collective
bargaining and an improvement in skill levels, will be key to any redistribution of wealth.

Charles Waldegrave of the New Zealand Poverty Measurement Project says the country must build on family support initiatives, funding
them through a knowledge economy.

And, Tereki Stewart, of Aucklands Waipareira Trust, says a
broad-brush approach is needed which includes more targeted economic
development and a greater say for communities.